İklim endeksine dahil olmanın finansal performans üzerindeki etkisi: Garanti BBVA iklim endeksi örneği

Abstract

In order to raise attention to global warming around the world, the sustainability index has started to be traded in the field of finance in parallel with the regulations in many fields. This study examines the impact of being included in the Garanti BBVA climate index on firms' financial performance. The financial performance of companies included in the climate index was analyzed, taking into account the period in which they were included in the index. The dependent variables in the study are Tobin's Q and Market Value/Book Value (MV/BV). Financial risk, leverage ratio, growth rate, current ratio, and credit risk are used as control variables, while profit for the period and firm size are included in the model as independent variables. The study is analyzed using System GMM and robust Driscoll-Kraay estimator using quarterly data for the period 2017/1-2022/3. As a result of both analyses, it is concluded that leverage ratio and profitability variables positively affect firm performance.